Foley Hoag LLP advised 7AC Technologies in its recent investment round from 3M’s New Ventures Business. The terms of the transaction were not disclosed.
7AC Technologies, based in Woburn, Mass., is developing ultra-high efficiency air conditioning systems that use up to 75 percent less electricity compared to conventional heating, ventilation and air conditioning technologies. The liquid desiccant and plastic membrane plate-based air conditioning system is targeted to achieve substantial energy savings by replacing existing rooftop HVAC systems on commercial and industrial buildings.
Mark Haddad, co-chair of Foley Hoag’s Energy Technology and Renewables Practice Group and deputy chair of the firm’s Business Department, led the legal team advising 7AC Technologies. He was assisted in the transaction by associates Michael Nelson and Jason Steinman.
Foley Hoag’s Energy Technology and Renewables Practice Group meets the needs of companies, investors and lenders in every stage of development. The practice helps emerging and established clients address issues involving energy regulatory and environmental compliance, project structuring and finance, public securities offerings, tax, and real estate. In addition, the team works with investors and lenders to assess emerging and more established businesses.
